FIFO and LIF0Analyze the following scenario: The Hospital for Ordinary Surgeryus

FIFO and LIF0Analyze the following scenario: The Hospital for Ordinary Surgeryuses pharmaceuticals for its patients. It started the year onJanuary 1 with an inventory of 1000 doses of an antibiotic drugthat cost $17 per dose. On January 2 it purchased another300 does for $21 each. From January 3 through June 30 it used 800doses. On July 1 it bought 500 more doses at $23 each. FromJuly 2 through the end of the year it used 400 doses. What isthe inventory value at the end of the year assuming FIFO?What is the value assuming LIFO? Clearly label thecalculations of the inventory amounts using Excel. Useformulas to calculate the FIFO and LIFO inventories and format thecells to insert a comma if there is more than three numbers andround to the nearest whole number.